ONGC plans to set up trading unit for crude, refined fuels for group firms
India’s state-run Oil and Natural Gas Corp (ONGC) is planning to set up a trading unit for the crude and refined fuels of its group companies, a top executive at ONGC Videsh said at an industry event.
ONGC Videsh is the overseas investment arm of ONGC and annually produces about 10 million tonnes of oil through its assets.
The plan is at a preliminary stage and “an internal group has been formed to discuss and look into the modalities, including legal issues,” said Rajarshi Gupta, managing director at ONGC Videsh.
